The only constant in life is change. Could you set a new course, on short notice, if
necessary? We talk to REALTORS® Conference & Expo headliners who redrew their
plans when confronted with daunting obstacles. PAGE 23

BROKER PROFILE

A Win-Win Exit Strategy

Bill Hurt figured out how to retain clients even when the agents they had worked with
retired. Learn about effective succession planning. PAGE 30

HIDDEN SUPPLY

Emerging From the Shadows

Though the backlog of foreclosures has eased, a largely concealed inventory of properties
makes some real estate pros uneasy about its effects on the housing recovery. PAGE 32

INVESTOR PULLBACK

Field Opens for Buyers

With investors pulling back, conventional home buyers are re-entering many markets. But
neighborhoods brimming with single-family rentals pose their own challenges. PAGE 36

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Vol. 47, No. 5 REALTOR® Magazine (ISSN 1522-0842) is published bimonthly by the NATIONAL ASSOCIATION OF REALTORS®, 430 N. Michigan Ave., Chicago, IL 60611–4087. Periodicals postage paid at
Chicago, IL, and at additional mailing offices. Annual subscription rates: $6 to members, included in dues; $56 to nonmembers. Postmaster: Send change of address to REALTOR® Magazine, NATIONAL
ASSOCIATION OF REALTORS®, 430 N. Michigan Ave., Chicago, IL 60611–4087. Copyright 2014 by the NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Printed in the USA and distributed to
members of the NATIONAL ASSOCIATION OF REALTORS® and its affiliated institutes, societies, and councils.

online

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Click on the Product Guides tab for a range
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voices

PRESIDENT PAGE 5

GUEST EDITOR PAGE 8

READERS PAGE 10

top of mind

WEBSITE ACCESSIBILITY

Court cases have targeted online businesses
for not making accommodations for the
hearing- and visually impaired. Are real
estate websites next? PAGE 12

LAW: FIDUCIARY DUTY

Once you begin acting as a broker for a client,
you cannot switch your role to purchaser
while your agreement is in effect. PAGE 13